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MGP Establishes Relationship with UPS

NZX Release – Macquarie Goodman Property Trust

MGP Establishes Relationship with UPS

5 September 2006

Macquarie Goodman Property Trust (“MGP”) is pleased to announce it has an unconditional contract to purchase 120 Pavilion Drive, Airport Oaks, Auckland. The facility is anchored by a lease to UPS SCS (New Zealand) Limited (“UPS”).

The recently completed 6,769sqm office and warehouse facility will be acquired for $9.6 million and is expected to yield 8.36% once fully leased. Global freight forwarding operator UPS will occupy 3,893sqm of the 6,769sqm on a six year lease with reviews every two years. Settlement is expected to be 1 December 2006

The property is located in the Airport Oaks industrial precinct close to Westney Industry Park, an existing Macquarie Goodman asset. The location offers excellent transport linkages with the Airport and easy access to the city and port. Macquarie Goodman (NZ) Limited, Chief Executive Officer, John Dakin said, “120 Pavilion Drive is a strategic purchase of a modern warehouse and office facility that allows us to establish a relationship with UPS, as they expand their operations in New Zealand”.

UPS is the world’s largest package delivery company and a global leader in supply chain services, offering an extensive range of services including transportation and freight services, logistics and distribution, consulting, and international trade services. UPS is an existing Macquarie Goodman customer in Australia. Mr Dakin said, “We are pleased to have extended this relationship to our New Zealand portfolio”.

ENDS

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